Third Quarter Numbers - Forsyth County Real Estate

When comparing to 3rd Quarter of last year, we still have many positive trends in our local Forsyth County Residential Real Estate market.

The number of sales year-to-date is up 24%.  That is 9 consecutive quarterly increases over the same period in the previous year for Forsyth County.  By contrast, the overall Atlanta Metro Area sales were mostly flat with a less than 1% increase.

Perhaps one of the most significant changes is the drastic reduction in foreclosed homes which made up only 4% of the sales.  Just 18 months ago, foreclosures were 21% of the sales.   One reason for the significant change remains the large investment groups purchasing the foreclosures on the court house steps with a “buy and hold” strategy.  Short Sales made up 8% of the sales.  Overall, the number of distressed properties has decreased 70% since the beginning of 2012.

The median sales price increased 11% over last year.  That’s seven consecutive quarterly increases for the median sales price in Forsyth County.  Each increase allows more home owners to sell and take advantage of the fantastic interest rates on the purchase of their next home.

Homes are selling faster than ever with the average Days On Market being just 45 days.  That’s a 40% drop over last year.  Homes that are priced properly when they hit the market are selling in an average of 18 days!

In terms of inventory, we continue to experience a strong seller’s market with just 3.2 months of inventory in the entire county.  The luxury market (homes priced at $1 Million plus) is the only exception with 51 months of inventory – a very strong buyer’s market.

Overall, we have plenty to be thankful for in our local Forsyth County Real Estate Market.

Tim Hopkins

www.tkosales.com

Keller Williams Realty

678-341-7403